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Will My House & Car Be Protected If I File Bankruptcy?

Posted by attorney David Siegel
Filed under: Bankruptcy exemptions

Depending upon how much equity or ownership you have in your house or car will determine whether or not you can keep your house or car when filing for Chapter 7 bankruptcy. The state of Illinois allows an exemption of $15,000.00 worth of equity in a house and $2,400.00 worth of equity in a vehicle. Additionally, there is a $4,000.00 wild card exemption that can be placed over personal property.

Additional resources provided by the author

Illinois statute on personal property exemptions.

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